The estimated size of the deal is $5billion.
According to media reports, Gulf Petrochem, UAE based leader in oil space has acquired marketing licence and retail outlets of Essar Oil in Kenya.
The estimated size of the deal is $5billion.
Essar does not have an extensive presence in Kenya, with only four retail outlets. Essar Petroleum East Africa owned the licences for the four outlets.
With the sale, Essar Oil will exit the market in Kenya and it is speculated that they will focus more in other attractive markets like India and UK.
According to media reports, Gulf Petrochem, UAE based leader in oil space has acquired marketing licence and retail outlets of Essar Oil in Kenya.
The estimated size of the deal is $5billion.
Essar does not have an extensive presence in Kenya, with only four retail outlets. Essar Petroleum East Africa owned the licences for the four outlets.
With the sale, Essar Oil will exit the market in Kenya and it is speculated that they will focus more in other attractive markets like India and UK.
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